Algoquant Fintech Limited made significant corporate strides on November 30, 2024, during its Board meeting, addressing major decisions that will impact its future growth and structure. These changes follow the final approval of the Scheme of Arrangement sanctioned by the National Company Law Tribunal (NCLT), dated October 3, 2024, which involved corporate restructuring among Algoquant Fintech, Algoquant Investments Private Limited, and Growth Securities Private Limited.

Increase in Authorized Share Capital

One of the most crucial decisions taken during the meeting was the increase in the authorized share capital of Algoquant Fintech Limited. The board approved a hike from Rs. 2.5 Crore to Rs. 3.5 Crore. This increase is made up of additional equity shares and preference shares, a move that will allow the company to expand its operations and facilitate future investments. This decision was made to align with the new structure post the Scheme of Arrangement.

Cancellation of Cross-Holding of Shares

Another critical aspect of the restructuring was the cancellation of cross-holding of 41,72,350 equity shares held by Algoquant Investments Private Limited in Algoquant Fintech Limited. This decision streamlines the shareholding structure between the companies and simplifies their financial and operational dealings.

Allotment of Equity Shares

Following the completion of the Scheme of Arrangement, Algoquant Fintech issued 65,47,314 equity shares, each with a face value of Rs. 2. These shares were allotted to the shareholders of Algoquant Investments and Growth Securities, adhering to an exchange ratio based on their respective share values.

• Algoquant Investments shareholders received 8278 shares of Algoquant Fintech for every 100 shares held, based on a Rs. 100 per share face value.
• Growth Securities shareholders received 727 shares of Algoquant Fintech for every 100 shares held, based on a Rs. 100 per share face value.
  
  

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Post-Allotment Details

Following the allotment, Algoquant Fintech's paid-up capital now stands at Rs. 2,08,21,928, divided into 1,04,10,964 equity shares. This marks a major step toward the company’s enhanced market position and potential for future growth.

In compliance with SEBI regulations, the fractional share entitlements arising from the exchange ratio were consolidated into a single share, which has been held in a Suspense Escrow Demat Account until further instructions are received from the respective parties.

Future Prospects

With these restructuring steps, Algoquant Fintech is now well-positioned for its next phase of growth, providing it with increased flexibility to pursue new opportunities and expand its shareholder base. The company is expected to use the newly raised capital for various business initiatives that will help scale operations and increase shareholder value.

For investors and stakeholders, this marks a significant moment in Algoquant Fintech's journey, and the developments could bring about changes in the company's stock market performance. To stay updated on the latest developments and make informed decisions, check out more details on the latest IPO news and stock market updates.

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